BUENOS AIRES: Alejandro Burzaco, former boss of Argentinian rights giant Torneos y Competencies has stepped away from the company following its multi-million-dollar settlement with the United States Justice Department over the long-running FIFAGate corruption case.

A company statement said that Burzaco had relinquished his shareholding in the media group.

Last December TyC agreed to pay $112.8m to settle all charges relating to bribery and corruption, comprising $89m restitution plus a penalty of $23.76m.

One charge of wire fraud conspiracy – ie using the US banking system for fraudulent business – will be dropped if the company abides by the terms of the agreement for four years.

Prosecutors had claimed that TyC paid bribes to leading Latin American football officials over a 15-year period in order to secure media and marketing rights.

TyC said: “Since late May 2015, Burzaco has not played any role in the [company] management or operations.

“The DoJ agreed not to pursue a prosecution based on its ‘full’ and ‘substantial’ cooperation with the DoJ investigation, and its ‘extensive’ efforts to implement a state-of-the-art compliance programme.

“Torneos has agreed to continue to cooperate with the DoJ. As acknowledged in the December 2016 Deferred Prosecution Agreement between Torneos and the DoJ, since June 2015, Torneos general manager Ignacio Galarza and his ‘new leadership team’ have established a new ‘tone at the top’ and ensured that a culture of compliance has taken hold at the company.

“Torneos operates in accordance with all applicable laws and with transparency to relevant authorities. Torneos’ resolution with the DoJ and the divestiture of Burzaco’s shares are two important steps in Torneos’ remediation process.”